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Watching Support Around The 20-Day EMA

AUDUSD TECHS
  • RES 4: 0.6821 High Jul 27
  • RES 3: 0.6747 76.4% retracement of the Jul 13 - Oct 26 bear leg
  • RES 2: 0.6734 2.0% 10-dma envelope
  • RES 1: 0.6623/91 High Dec 5 / 4 and the bull trigger
  • PRICE: 0.6600 @ 17:00 GMT Dec 7
  • SUP 1: 0.6547/26 20-day EMA / Intraday low
  • SUP 2: 0.6490 50-day EMA
  • SUP 3: 0.6453 Low Nov 17
  • SUP 4: 0.6360 Low Nov 14

The uptrend in AUDUSD remains intact and the pullback from Monday’s high is considered corrective - for now. Support at the 20-day EMA, at 0.6547, has been pierced. A clear break of it would open 0.6490, the 50-day EMA. Last week’s rally reinforced the current trend direction. Price has traded through 0.6656, 61.8% of the Jul 13 - Oct 26 bear leg. The bull trigger has been defined at 0.6691, the Dec 4 high.

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